My 2nd is a purchase money loan in CA which means they have to FC before i need a loan and i have bad credit they can sue. Since the 1st is still significantly underwater I dont see that happening anytime soon. However in doing my research I happened to check MERS website and something stood out to me this time. Both loans were initiated during escrow to purchase the property but they have different note dates.
Seemed strange to me because I would expect they both would be dated at the close of escrow.
The 2nd is dated 6 days prior to the 1st and I believe the 1st is correct being dated at the close of escrow. Knowing how GT likes to sue and bend the rules in their favor I wonder if they might use that date difference to suggest it was not a purchase money loan. On another note, picked up my mail yesterday and I got the monthly GT statement from their asset receivables department. On another note, picked up my mail yesterday and I got the monthly GT statement from their asset receivables department. This week I received a letter from GT servicing that BofA is forgiving the 2nd as a result of the DOJ settlement.
I hadnt paid it for nearly 2 years but considering this was GT servicing and BofA investor I nearly fell out of my chair with this development. Now I need to reconsider if I want to bail on the home. It was a nice surprise then again I had already resolved myself never to pay that 2nd anyway. Purchase a new home in 2013, moved and rented out the 2007 home. Continued to pay IO first while renting, however, IO period has ended. The home is still underwater and likely would not net enough in a sale to cover mortgage and seller expenses. My goal is to short sell the home but not looking likely.
So I am contemplating sending the application without bank statements, tax returns, etc. I am in California, its a first mortgage so there is really nothing they can do other than FC or SS.
Its montel williams loans non-recourse so they cannot try to collect the deficiency. Maybe its worth it just to give them everything they want and see what happens?
Stretching out the home until the my first interest only period expired seems to have made a huge payday loans el paso tx difference. I waited until the interest only period ended so I was making some income on the rental for a while.
I bought a new house and short sale the previous home. It took around 6 months to finalize the short sale process. Credit score was dropped from 765 to 650 and now it is 700. It will be a year next month that reported short sale on my credit report. On another note I never bothered to spend my energy in writing GT a letter about their microloan program violation of FDCPA. For a couple of months I was getting monthly hits to my credit report for payment past due, 60 days then 90 then 120, etc. But the notifications I get from the microloan program monitoring service has stopped the last 2 months. This will allow you to view your credit report (not score) with both hard and soft pulls on your report. GT ones sometimes show up on both, or only on the soft list. You can kind of gauge their level of activity from this. I can say that they tend to do a pull before they attempt a phone contact On a related note, the 2nd has been charged off. The note on Experian says it has been referred to collection. I am using Google voice as my home number so I never pick up the calls but there has been a constant stream of missed calls with no messages. The note on Experian says it microloan program has been referred to collection.
Cash money loans
And nearly all of them were some stage of foreclosure!!
I just have to wonder if banks are starting to clear out that shadow inventory now. You know all the homes they were dragging their feet on? Who knows I am only looking in my general surroundings but I have never seen this many notices on one day since I started keeping track of this over a year ago. And I think it supports something I have been kicking around. My loan agent even encouraged me to do it saying oh jump on this teaser ARM and refi in 3-4 years! I was set to do a fixed 30 yr had I not been encouraged to go ARM. For the record I qualified for either, it was just a matter of saving interest. I feel like there is a second wave of massive foreclosures coming, strategic foreclosures and walk-aways. After all these years the price microloan program has come back some but not enough and rates will start to tick up plus add in a shorter time to amortize the balance and.... Thanks Tom makes me feel better I am not just imaging things. I feel like I am probably not the only one in this situation which means it will shake out soon. Anyone know of a good template posted here that I could leverage than writing from scratch?
First thing he asked was for me to verify my social and address. Of course I said no, you called me why would I do that? I said what matter, no idea what you are talking about. And again he tried to get me to verify to which I said sorry there is no reason for me to verify anything with microloan program you, whoever you are. I made it even more interesting by also telling 2600 installment loans in california him I do not give my consent to record our conversation and in California that is my right.